"I've Not Seen This Level Of Market Speculation Since 1999" | Lance Roberts

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**Lance Roberts** (1:00)
I have not seen this type of speculation by retail investors in the markets really since 1999 You know, the amount of people that are taking on two times leverage ETFs, single stock leveraged ETFs, you know, call option volume is at levels that have not only not ever been seen, but are levels far beyond what anybody would have imagined even 10 years ago. So there's just been so much of a drive for investors to take on more speculative risk because they've been taught that no matter what happens in the market, they're going to get bailed out by somebody, either the banks or the Fed. So there's no risk to taking risk in their view. Now, eventually, that works out very badly.

**Adam Taggart** (1:49)
Welcome to Thoughtful Money. I'm Thoughtful Money Founder and your host, Adam Taggart, welcoming you back here at the end of another week for another weekly market recap, featuring my good friend, the Peregrinatory Lance Roberts. Lance, welcome back from the UK.

**Lance Roberts** (2:05)
Thank you very much. Yes, I flew south for the winter.

**Adam Taggart** (2:09)
Yeah. So Peregrinatory, it was derived from Peregrin, I'm sure everybody knows the Peregrine Falcon, but it references making a journey, perhaps even a bit of a wandering one. And you just spent the past week in the UK. I have not cut up with you about it. So I want to hear the highlights real quick. Folks, you're seeing me in a different location. Obviously, I am traveling this week. I'm in Boca Raton, Florida for Rick Ruhl's fantastic annual symposium. I literally just stepped off the stage, had to rush back to my room. I've got a late checkout here. So this one's probably going to be a little bit of a shorter weekly recap than normal. And in my haste to pack, I packed my suit jacket, which is why you're seeing me a little bit more casual today. Hopefully, that's all right. Lance, so the UK, first off, did you make your way to Clarkson's Pub? How was it?

**Lance Roberts** (3:01)
I did. And actually, I'll have to send you pictures of it. But yeah, it's in the Cotswolds. And of course, driving in the UK is an experience. You know, if you've never been driving in the UK, the steering wheel is on the wrong side of the car. You drive on the wrong side of the road. And probably the most challenging bit of that was the roundabouts everywhere. So, but my wife was actually doing the driving, and she did a fantastic job. But you know, when we got back out into the country, these roads are very narrow, and in some cases, they're one lane. And so if there's traffic coming, you're trying to figure out how to get off the road so people can pass. But yeah, we actually made it to Clarkson's Pub, and the farmer's dog, and we hung out there for a little bit. And then we drove in to, we were driving in from Lincoln, and going from Lincoln to Bath, which is where the Roman baths are. We stopped at his pub along the way. So it was a nice journey, a lot of fun and joy. But we were there to see our son. And so we spent five days with him, it was fantastic.
But as is always the case, it's always great to go on vacation, but it's always great to come back home.

**Adam Taggart** (4:15)
That's good. So usually when I go on vacation, I experienced the old adage, no good vacation ever goes unpunished. Are you living through that right now?